普天科技：背靠中国电科，有望深度受益本轮国企改革深化

Investment Rating - The report maintains a "Buy" rating for Putian Technology (002544.SZ) [1][2] Core Views - Putian Technology is expected to benefit significantly from the deepening of state-owned enterprise reforms, backed by China Electronics Technology Group Corporation [1] - The company has shown good cost control in H1 2024, with a revenue of 2.437 billion and a net profit of 39 million, despite a year-on-year decline [1] - The report highlights the company's active involvement in the satellite internet industry, which is anticipated to grow in China [1] Financial Performance Summary - For H1 2024, the company reported a revenue of 2.437 billion, down 6% year-on-year, and a net profit of 39 million, down 40% year-on-year [1] - The revenue forecast for 2024-2026 is projected at 5.435 billion, 6.024 billion, and 6.692 billion respectively, with growth rates of -0.5%, +10.8%, and +11.1% [2] - The net profit forecast for the same period is expected to be 125 million, 205 million, and 303 million, with year-on-year growth rates of 250.1%, 64.6%, and 47.7% respectively [2] - The report indicates a significant drop in the company's earnings per share (EPS) from 0.31 in 2022 to 0.05 in 2023, with a recovery projected to 0.18 in 2024 and 0.45 in 2026 [2] Market Context - The report notes that the company is the only listed platform under China Electronics Network Communication Group, which provides it with rich resources to leverage during the ongoing reforms [1] - The company is actively participating in the research and standard-setting for collaborative networking in satellite internet, indicating a strategic focus on emerging technologies [1]